Weekly Market Watch

Coldwell Banker Weekly Market Watch
Week of July 1, 2007

The markets have moved into the anticipated summertime holding pattern. With the mid-week Independence Day holiday looming and temperatures beginning to soar, buyers and sellers alike seemed to need a week to just relax and breathe.

Still, for upper-tier homes, cash customers continue to keep certain markets hot, such as in San Francisco and many parts of the Peninsula. Both areas are still struggling with low inventory levels. Burlingame is witnessing multiple offers on properties in the $2.5 to $4 million range. In San Francisco, frenzy continues for attractive properties (there were seven offers on a vacant investment property) but good inventory is hard to find.

Other areas, such as Danville and Redwood City/San Carlos, are seeing increased inventory overall, but a shortage of inventory that buyers want to buy! Pleasanton reports a healthy market atmosphere - neither too slow nor too fast - with homes generally selling within 60 to 90 days on the market, and at close to asking price.

Our more than 450 homes held open during the week received reasonable attendance considering the seasonal lull. Listing inventory was reported as having decreased by eight offices. It increased for six offices and remained steady for 10. Sales activity decreased for nine of the offices reporting, however it remained steady for eight offices, and increased for seven. Getting back to "normal" next week will hopefully bring some fresh inventory for the City and Peninsula offices.

Have a great week!

Rick

Rick Turley
President, San Francisco/Peninsula
Coldwell Banker Residential Brokerage